From the account balances listed below, prepare a schedule of cost of goods manu
ID: 2443101 • Letter: F
Question
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2011 with proper heading.Finished Goods Inventory, December 31 $42,000
Factory Supervisory Salaries 12,000
Income Tax Expense 18,000
Raw Materials Inventory, December 1 12,000
Work In Process Inventory, December 31 25,000
Sales Salaries Expense 14,000
Factory Depreciation Expense 8,000
Finished Goods Inventory, December 1 35,000
Raw Materials Purchases 85,000
Work In Process Inventory, December 1 20,000
Factory Utilities Expense 6,000
Direct Labor 70,000
Raw Materials Inventory, December 31 19,000
Sales Returns and Allowances 5,000
Indirect Labor 21,000
Explanation / Answer
Statement of Cost of Goods Manufactured for the month ended December31,2011 Beginning work in process inventory $20,000 Direct materials: Raw Materials Inventory December 1 12,000 Raw materials Purchases 85,000 Cost of materials available for use ,$97,000 Less:Ending Raw materials Inventory 19,000 Cost of direct materials used 78,000 Direct Labor 70,000 Factory Overhead: Factory utilities Expenses 6,000 Factory Depreciation Expenses 8,000 Indirect Labor 21,000 Factory Supervisor salary 12,000 Total Factory Overhead 47,000 Total manufacturing costs incurred 195,000 Total manufacturing costs 215,000 Add:Work in progress inventory,December 1 20,000 235,000 Less: Work in progress inventory,Deember 31 25,000 Cost of goods manufactured $210,000
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